[Resolved] Aviva Save Guard Policy — Mis selling by AVIVA representative (ABN AMRO) | |
We have been cheated by the AVIVA and ABN AMRO representatives by false statements and going by the company’s brand name, we believed them. The product SAVE GUARD policy of AVIVA had been miss sold by the ABNAMRO representative to us, we were told that only 3 premiums are to be paid and after that the money can be withdrawn from the policy i.e locking period is 3 years and no surrender charges applicable after that. As the policy had been explained in detail to us by ABN AMRO as AVIVA representative (though a false one), we trusted the same. However, we had not expected that these kind of false statements would be used by a big company like AVIVA. Now when we have requested the company to discontinue the policy, we have been told that there are heavy surrender charges to be paid. Nobody from the customer service tells clearly what would be the charges We feel this is a very unethical act by both ABN AMRO & Aviva as they try to lure the customers by showing the sunny side and not telling the full story. AVIVA cannot forever deny the unethical acts of its representatives by putting the blame on the customers and should take responsibility for the same. I would request everybody with the similar complaints to please come together on this forum and raise the issues to AVIVA in a group. We can together write to the CEO and other higher authorities so that they are made aware of the way the company is performing unethical acts in India by giving false statements to people and taking away their hard earned money Please write back in case you have faced similar problem with AVIVA Was this information helpful? | |
Aug 14, 2020 Complaint marked as Resolved | |
 38 Comments | |
Comments
Yes it is true Aviva is a cheater along with Indusind Bank who sold the policy saying that policy has no surrender charges and can be withdrawn after 3 yrs without ny surrender charges.even after complaing to aviva they took action and told that they cannot be blamed as we were given 15days look in period for the policy.
If any1 know how can we get our money back. Please reply
Pratik Jain
If any1 know how can we get our money back. Please reply
Pratik Jain
Hi All,
My name is Syed Mujaheed, I am also holder of Aviva SaveGuard Policy. Just like all others i was lured and cheated by ABN AMRO representative. When i found that my policy heavily dependent upon the share markets status, i decided to discontinue when sensex was at its peak @ 21000. I was asked to pay a penalty of 28% of the fund value. Moreover i wanted to discontinue after the lock in period of 3 years. Today i am stuck in this mess. because of the heavy penaly that they ask upon my hard earned money. Hope some one in this forum will lead and file complaint with IRDA.
My name is Syed Mujaheed, I am also holder of Aviva SaveGuard Policy. Just like all others i was lured and cheated by ABN AMRO representative. When i found that my policy heavily dependent upon the share markets status, i decided to discontinue when sensex was at its peak @ 21000. I was asked to pay a penalty of 28% of the fund value. Moreover i wanted to discontinue after the lock in period of 3 years. Today i am stuck in this mess. because of the heavy penaly that they ask upon my hard earned money. Hope some one in this forum will lead and file complaint with IRDA.
They are big cheater. Never buy a ULIP policy. Awareness is only solution. If nobody will buy then they will close their shop automatically .
I also cheated by them. But after check realty I have stopped so many from buying ULIP plan.
ASK
I also cheated by them. But after check realty I have stopped so many from buying ULIP plan.
ASK
I am also a vicitm of ABN AMRO and Aviva Life Insurance. Mine is a Aviva Safe Guard Policy for tenure of 10 years and I pay Rs. 12, 000/- annually. Till Feb. 2011, I have paid 5 premiums (12, 000 x 5 = Rs. 60, 000/-). We all have similiar problem of not getting the full amount 3 years, even after paying the premium for continuous 3 years. I was also thinking of withdrawing money from Aviva Life Insurance, but could not get the full invested amount (forget about the profit). Can anyone help me to know, how much amount will i get, after completion of 10 years. Thanks. Surendra.Shete. (Mumbai)
Hi,
I'm one of the victim of aviva policy and my agent Bajaj Capital cheated me by giving all false information and he hide all the charges. i have taken ULIPs in different companys and loosing almost 50, 000 if i surender now.
This is INSURANCE MAFIA.. and NOBODY (IRDA/ RBI) are going to HELP. even if i file a writ the Bajaj Capital and Aviva will definetly manage Officials. and you know we're evidencing all the SCAMS in this government and all are resting their feet in AC ROOMS.
I left with NO CHOICE to leave my HARD EARNED MONEY :-( :-( :-( :-( :-( :-( :-( :-( :-( :-( :-(
I'm one of the victim of aviva policy and my agent Bajaj Capital cheated me by giving all false information and he hide all the charges. i have taken ULIPs in different companys and loosing almost 50, 000 if i surender now.
This is INSURANCE MAFIA.. and NOBODY (IRDA/ RBI) are going to HELP. even if i file a writ the Bajaj Capital and Aviva will definetly manage Officials. and you know we're evidencing all the SCAMS in this government and all are resting their feet in AC ROOMS.
I left with NO CHOICE to leave my HARD EARNED MONEY :-( :-( :-( :-( :-( :-( :-( :-( :-( :-( :-(
Hi,
I am also cheated by AVIVA & their cunning advisors.I am not able able to understand what should be to do the next but i am not going to leave them.I am going to file a case against AVIVA in consumer court.Lets see what is going to hapen but i will teach them the class. Bye the way i am from delhi.
Ram Shakal Gupta
I am also cheated by AVIVA & their cunning advisors.I am not able able to understand what should be to do the next but i am not going to leave them.I am going to file a case against AVIVA in consumer court.Lets see what is going to hapen but i will teach them the class. Bye the way i am from delhi.
Ram Shakal Gupta
Another victim of fraud by Aviva and Abn amro. Sales person clearly told me about no surrender charges will be applicable after 3 years for Aviva savegaurd policy but in inactual they are deducting huge surrender charges if I discontinue this policy.
This is clear case of cheating.
Where Can I report this cheating case?
This is clear case of cheating.
Where Can I report this cheating case?
I am also a policy holder of Aviva lured into trap by ABN Amro people. What is the next step now? I think if we complain agaist Aviva in IRDA, they will have a very strong point since we were given a freelook period of 15 days to return our policy. Ideally we should have read the terms and conditions in the policy and asked them to refund our money. Don't know what can we all do now????? Tanuj
Hi,
I too have been cheated in the exactly same manner in Pune during Nov 2007. I was wooed into taking up this Save Guard policy and was promised, that I can withdraw my money after 3 years and there will be no charges. I was paying a hefty 1 lac premium p.a. and now after paying a total of 4 premiums (i.e Rs. 4, 00, 000), my fund value is only Rs. 3, 20, 000. If I choose to surrender my policy now (well beyond 3 years), I am getting only Rs. 3, 00, 000 after deduction of surrender charges. An outright loss of Rs.1, 00, 000. I can't believe my bad fate.
These AVIVA agents are daylight dacoits and target people like us who believe in them thinking they are giving us a plan for a better future.
Avoid them at all costs and keep your hard earned money with yourself or in FDs of reputed banks (or RBI) and earn 9.6% p.a. guaranteed appreciation.
I am feeling very cheated and am closing my account immediately with Aviva. I wow never to return to them, in any form, ever in my life.
S Ray
I too have been cheated in the exactly same manner in Pune during Nov 2007. I was wooed into taking up this Save Guard policy and was promised, that I can withdraw my money after 3 years and there will be no charges. I was paying a hefty 1 lac premium p.a. and now after paying a total of 4 premiums (i.e Rs. 4, 00, 000), my fund value is only Rs. 3, 20, 000. If I choose to surrender my policy now (well beyond 3 years), I am getting only Rs. 3, 00, 000 after deduction of surrender charges. An outright loss of Rs.1, 00, 000. I can't believe my bad fate.
These AVIVA agents are daylight dacoits and target people like us who believe in them thinking they are giving us a plan for a better future.
Avoid them at all costs and keep your hard earned money with yourself or in FDs of reputed banks (or RBI) and earn 9.6% p.a. guaranteed appreciation.
I am feeling very cheated and am closing my account immediately with Aviva. I wow never to return to them, in any form, ever in my life.
S Ray
This is nothing short of Daylight robbery!! The whole company is running on the premiums paid! (at our cost).
I did face the same issue and did make a detailed complaint to AVIVA as well ABN (now RBS) but they have a standard response that nothing is wrong.
On countering as to why then the regulatory body has to bring up new guidelines then they have no answer!!
IRDAs new IGMS system is not reachable (is it the work of Insurance cartel to block the site or is the regulatory body has made a system for name sake???)
The only way to a salvage any little that you may get is to avoid the surrender penalties and exit out as soon as possible. To avoid the surrender penalties we have to approach the IRDA Chairman collectively to take the company to task, only then we could get something out.
If you guys are interested then we should try to seek as many of the policy holders. If interested to join me in common complaint then please comment so we can take it forward.
I did face the same issue and did make a detailed complaint to AVIVA as well ABN (now RBS) but they have a standard response that nothing is wrong.
On countering as to why then the regulatory body has to bring up new guidelines then they have no answer!!
IRDAs new IGMS system is not reachable (is it the work of Insurance cartel to block the site or is the regulatory body has made a system for name sake???)
The only way to a salvage any little that you may get is to avoid the surrender penalties and exit out as soon as possible. To avoid the surrender penalties we have to approach the IRDA Chairman collectively to take the company to task, only then we could get something out.
If you guys are interested then we should try to seek as many of the policy holders. If interested to join me in common complaint then please comment so we can take it forward.
There are so many people who have problems with Aviva and this well known to the officials in IRDA but they prefer to remain silent.
God Only Knows if IRDA officials are remaining silent in the interest of the Insurer rather than the policyholder.
People having problems with Aviva please mention,
1. Product name
2. Product UIN (Unique Identification Number)
3. Brief of problem (i.e. What you expected and what happened)
I will guide the people to take necessary steps to see how best they could exit from the situation.
Contact: policyholder[DOT]issues[AT]gmail[DOT]com
God Only Knows if IRDA officials are remaining silent in the interest of the Insurer rather than the policyholder.
People having problems with Aviva please mention,
1. Product name
2. Product UIN (Unique Identification Number)
3. Brief of problem (i.e. What you expected and what happened)
I will guide the people to take necessary steps to see how best they could exit from the situation.
Contact: policyholder[DOT]issues[AT]gmail[DOT]com
Hello to Every body,
Please go and lodged an First Information Report before the concerned Police Station under Section 420 read with 120B IPC against the CEO, Agent as well as Bank Manager and every person who cheated you.
If Police Personnel refused to lodged an compalianat then file a complainanat before concerned court under Section 156(3) Crpc.
Otherwise no body will listen you. They all are courrpt person sitting on chair, go and take a help from Court.
This is the only remedy against them.
Feel free to write
Jagat Tatia
Advocate
Please go and lodged an First Information Report before the concerned Police Station under Section 420 read with 120B IPC against the CEO, Agent as well as Bank Manager and every person who cheated you.
If Police Personnel refused to lodged an compalianat then file a complainanat before concerned court under Section 156(3) Crpc.
Otherwise no body will listen you. They all are courrpt person sitting on chair, go and take a help from Court.
This is the only remedy against them.
Feel free to write
Jagat Tatia
Advocate
Dear all,
It seems the modus operandi for getting the customer to reach their monthly or quarterly targets of sale of policy, the representatives have gone ahead and committed that 3 YERAS LOCK IN PERIOD after that it is free. But when you see their broucher or literature or whatever you call, it is year by year clearly mentioned the surrender charges which are abnormal and un acceptable. just for giving our money for the deposit we have to pay a 30% surrender charges. This way you can not fight your case as this was not be told by any of their representatives.
I fully endorse your opinion of mobilizing more opinions about this fraud and make a more strong forum against this AVIVA group for the fighting of common cause.
Best of luck
It seems the modus operandi for getting the customer to reach their monthly or quarterly targets of sale of policy, the representatives have gone ahead and committed that 3 YERAS LOCK IN PERIOD after that it is free. But when you see their broucher or literature or whatever you call, it is year by year clearly mentioned the surrender charges which are abnormal and un acceptable. just for giving our money for the deposit we have to pay a 30% surrender charges. This way you can not fight your case as this was not be told by any of their representatives.
I fully endorse your opinion of mobilizing more opinions about this fraud and make a more strong forum against this AVIVA group for the fighting of common cause.
Best of luck
I too cheated by the Aviva Life Insurance Company.I had given request for surrender the policy RSG1417792 // 01543938 on 20/07/2015.The surrender value I got is Rs 234594 around 45 thousand less than what it was viewed on-line on 20 Jul 2015.
The policy was bought by me on 29/12/2006.
At Patna office, on 20th June 2015, the office executive told me that you will get 2.6 lacs, but when questioned that it is showing 2.81 lacs online, it was told to me that, there is migration issue you will get what you viewed online.
I have written mail and lodge complain to Aviva but they are saying Rs 44599 is deducted as penalty.This is very serious issue.It was not told to me at Aviva Office that there will be any penalty.Many times I confirmed from there customer care that there will be no penalty on surrender.
The policy was bought by me on 29/12/2006.
At Patna office, on 20th June 2015, the office executive told me that you will get 2.6 lacs, but when questioned that it is showing 2.81 lacs online, it was told to me that, there is migration issue you will get what you viewed online.
I have written mail and lodge complain to Aviva but they are saying Rs 44599 is deducted as penalty.This is very serious issue.It was not told to me at Aviva Office that there will be any penalty.Many times I confirmed from there customer care that there will be no penalty on surrender.
i too was told by 2 smooth talking agents in 2009 that scheme was for 3 yrs, thuggery
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I am Mallu Patil from Bangalore. I am fighting with Aviva for past one year on the same issue. The policy was sold to me by Bajaj Capital telling, the policy can be surrendered after 3 years and there won't be any surrender charges. However, there is surrender charges apply which is too much. It costs me 30 to 40K. I have been cheated by the AVIVA and Bajaj captial. There is no customer relation officer in Bangalore. All you need to do is fight with those customer representative who do not anything about this policy. They have head office in Noida only. Not sure, how govt of India allowed such a company to issue insurance policy in India.
Is there possibility to take this case into consumer court?